Audit & taxation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2012 Dear Sir,
one whole seller having turnover of 50 lac with 1.5% profit file return without audit of accounts.

is there any problem, if yes provide me solution

thanks

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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22 August 2012 1. Since the assessee is an eligible assessee under Section 44AD, he was required to show income @ 8%.

2. Sub-section 5 of Section 44AD provides that an assessee who shows income less than 8% AND his income exceeds the exemption limit is required to get his accounts audited.

3. In this case the total income comes to Rs. 75,000 which is less than the exemption limit.

So he is not required to get his accounts audited.

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